EnglishIasitex SA - Iasi will put up for sale some 4.6 hectares of land within a broader reorganization process. The shareholders have approved the motion to auction off the land for a starting price of 460 EUR/sq.m. "We will use the money to finance ongoing investment projects," said CEO Gheorghe Caescu.
The factory has a total of 12 hectares, but recent reorganization and retooling processes have rendered the said 4.6 hectare plot useless. Moreover, the land"s location makes it a very attractive investment. Iasitex produces cloth and is controlled by A2 Impex SRL - Ploiesti, part of Servicii Comerciale Romane Group, which acquired it through a privatization procedure. A2 currently holds 59.84% in Iasitex, followed by SIF Moldova with 31.52% and AVAS with 3.47%.
Iasitex reported a Y2006 turnover of 74.5 million RON and a gross profit of 3.04 million RON. Some 87% of the turnover was derived from foreign contracts. "Considering that we export most of our output, we need to constantly upgrade our production lines to be able to withstand the competition, especially with Asian competitors. We are currently running a 15 million EUR investment program," Caescu added.
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